State oil giant Saudi Aramco signed an agreement on Thursday to invest in a refinery-petrochemical project in eastern China, part of its strategy to expand in downstream operations globally. The memorandum of understanding between the company and Zhejiang province included plans to invest in a new refinery and co-operate in crude oil supply, storage and trading, according to details released by the Zhoushan government after a signing ceremony in the city south of Shanghai. Zhejiang Petrochemical, 51 percent owned by textile giant Zhejiang Rongsheng Holding Group [ZJRSH.UL], is building a 400,000-barrels-per-day refinery and associated petrochemical facilities that was expected to start operations by the end of this year. This is the third such project in China that Saudi Aramco has set its sight […]